Xero has launched a new version of the GoCardless integration as of the 7th of April 2021.
If these guides do not reflect your experience please switch to the new support guide here
Your reconciliation settings are added as part of the GoCardless for Xero account setup process, however you may need to update these at a later date. This article explains how to do so.
To open your GoCardless for Xero reconciliation settings...
1. Open up the Settings section in your left menu bar by clicking the plus sign (+)
2. Open Xero Settings
3. Click on Xero Reconciliation
Depending on your GoCardless account set up, you will see a variety of fields to confirm your reconciliation settings for. The table below provides an explanation for each:
FIELD | DESCRIPTION |
---|---|
Where your money gets paid out to |
This is the bank account in Xero where your funds will be transferred to. During the setup process you selected an account, which you can change here. NB: This is different from the account you have set up in GoCardless, it is your Xero account. |
The interim reconciliation Direct Debit account |
To enable the reconciliation process to work effectively we set up a Direct Debit Clearing Account in Xero. This is a holding account before GoCardless fees are deducted. We automatically create an account called Direct Debit during sign up for this process. NB: The account that monies are paid into cannot be the same as your reconciliation account. If the same account is used, payments will not be reconciled properly. |
GoCardless Fees Account |
Choose how you would like GoCardless fees to be posted on your Profit & Loss This is automatically set to 404 - Bank Fees. You can use the dropdown menu to change this if you would prefer an alternative code. |
Realised Currency Gains / Losses |
Only relevant if you have international payments with FX enabled on your GoCardless account. Choose how you would like the currency exchange losses or gains to be posted on your Profit & Loss. See this article for how this works. This is automatically set to 404 - Bank Fees. You can use the dropdown menu to change this if you would prefer an alternative code. |